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Mar 22, 2022
03/22
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for the primary deficits, total deficits and share of gdp that nothing particularly worrying happened. that isn't to say i think we should pack up our stuff and go home and not worry about this issue that we don't spend money on the right thing necessarily. how to remake the fiscal policy. i think we need to be more humble about how urgent of a problem it is. for the framework, is that a valid way of looking at the situation given the primary deficits that we expect to see coming up in the future? >> it's got to be one of the most influential, and it's important and it was eluded to. the challenges of the deficit the economy before the pandemic was in pretty good shape with rising incomes rising throughout the distribution especially at the bottom. that equality was rising but income was faster at the top. but the rising income at the bottom. so we were in good shape. it was helpful but not enough given what happened as a primary deficit, we were updating our budget outlook and as it was eluded to, the president's budget is coming and at the budget update is similarly hung up behind i
for the primary deficits, total deficits and share of gdp that nothing particularly worrying happened. that isn't to say i think we should pack up our stuff and go home and not worry about this issue that we don't spend money on the right thing necessarily. how to remake the fiscal policy. i think we need to be more humble about how urgent of a problem it is. for the framework, is that a valid way of looking at the situation given the primary deficits that we expect to see coming up in the...
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Jun 30, 2009
06/09
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there is a third kind of deficit. if finances the deficit for the future. it is normal to finance this through borrowing. this could be a good deficit in the specific condition it allows to finance good investment. there is the question of the quality of public expenditure, the rationale of austerity hides it. we only ask ourselves in terms of what the short-term budgetary concerns will be. if there is not enough means, if we do not want to invest in pilot schools, in magnet schools, if there is nothing to propose to young people, if we are not able to support children in difficult situations who find themselves excluded from the school system before they have finished their school years, this is not saving. we are preparing an increase of future expenses because we will face the cost of this. so i would like to propose to the social stakeholders to take massive measures to increase short-term things for those whose jobs have become obsolete. anyone who has been laid off should be able to keep their wages and train for a year. the time has come to take adva
there is a third kind of deficit. if finances the deficit for the future. it is normal to finance this through borrowing. this could be a good deficit in the specific condition it allows to finance good investment. there is the question of the quality of public expenditure, the rationale of austerity hides it. we only ask ourselves in terms of what the short-term budgetary concerns will be. if there is not enough means, if we do not want to invest in pilot schools, in magnet schools, if there...
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Mar 21, 2012
03/12
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the choices are how fast should we cut our deficit? be careful not to do it in a way that would undermine the economy in the short run and long run. what mix of cuts and tax increases is the most appropriate for the long run? what should be the role of government in helping support investments and infrastructure, returns over time? and what commitments should we leave in place for our retiring seniors? in education so that we're growing over the long run and maintains a commitment made by republicans and democrats for decades in this country to guarantee our seniors a retirement security and health care security any their retirements, and those are things we can afford to do and we can't put off fiscal challenges indefinitely. this is unsustainable in the long run but that is not an argument to go in dramatically erode the capacity of this country to maketo make the economy stronger by more opportunity over the longer run. >> thank you. i recuse myself to a second round and will try to be brief and get you out of here before 12:00. cha
the choices are how fast should we cut our deficit? be careful not to do it in a way that would undermine the economy in the short run and long run. what mix of cuts and tax increases is the most appropriate for the long run? what should be the role of government in helping support investments and infrastructure, returns over time? and what commitments should we leave in place for our retiring seniors? in education so that we're growing over the long run and maintains a commitment made by...
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as you mention but for the deficit excluding oil revenue the underlying deficit what we refer to as the normal deficit and why is that this is because when you look at the oral deficit whether you achieve your target or not it will depend on the oil price so fiscal policy budget policy becomes an unstable factor in the economy what you want is to have it meter turn target very you use oil revenue over time in a way that is consistent with stable development of the economy and which leaves room enough room for private investment also to come in and drive the growth over time in a balanced manner so this is clearly a key challenge for russia like in all countries will you achieve this or not it's a matter of political will and i think this is what we see all around the world or analysis suggest that at a technical level it's quite doable to reduce the deficit in. an adequate way currently the deficit is creating all revenue is about eleven percent of g.d.p. the government's own target which currently suspended is for four point seven percent which our research suggests is a good targe
as you mention but for the deficit excluding oil revenue the underlying deficit what we refer to as the normal deficit and why is that this is because when you look at the oral deficit whether you achieve your target or not it will depend on the oil price so fiscal policy budget policy becomes an unstable factor in the economy what you want is to have it meter turn target very you use oil revenue over time in a way that is consistent with stable development of the economy and which leaves room...
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Feb 26, 2014
02/14
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CSPAN2
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this picture shows federal deficits, and the few years of surpluses, the deficit has come down very markedly over the past several years. from about $1.4 trillion or nearly 10% of gdp in 2009, to an estimated roughly $500 billion, or about 3% of gdp in 2014 under current law. we think deficit will fall again a bit next year but will then rise. you can see, though, the deficits over the next decade stay close to 3% of gdp. which is essentially their average share of gdp over the past 40 years. but that similarity to the past is worth noting, but also in some ways, masks two important aspects of the budget that will be very different than they've been in the past. so one of those aspects is the composition of federal spending. in this picture, these bars show social security spending as a share of gdp, 40 years ago, and our estimate for this year under current law, and then our projection for ten years from now. and you can see growth in social security exceeding growth in the economy. so a rising share of gdp being devoted to social security benefits. and that arises, of course, over the next
this picture shows federal deficits, and the few years of surpluses, the deficit has come down very markedly over the past several years. from about $1.4 trillion or nearly 10% of gdp in 2009, to an estimated roughly $500 billion, or about 3% of gdp in 2014 under current law. we think deficit will fall again a bit next year but will then rise. you can see, though, the deficits over the next decade stay close to 3% of gdp. which is essentially their average share of gdp over the past 40 years....
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Jun 9, 2012
06/12
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aren't taxes and deficits the same thing? isn't deficits of future tax? aren't taxes and deficits the only two possible ways of paying for spending? >> they run up deficits and in the long run they run our spending into rough correspondence with each other. [talking over each other] >> whether you are taxing today or tomorrow which is what we call a deficit you're still taxing and those two ways to pay for spending so it seems to me with apologies to the clinton campaign the spending is stupid. >> when we run up a debt today that permits us to doing more taxation or less spending in the future but which of those it is depends on decisions of congress. >> can you offer examples of a nation that has spent and borrow and tax its way to prosperity? >> not sure what you mean by that. prosperity comes from the ability of the economy to produce goods and services. the amount and quality of the labour force and the amount and nature of capital and so on. >> going from theory to actual practice, i look back over the 20th century and the beginning of the 20 first c
aren't taxes and deficits the same thing? isn't deficits of future tax? aren't taxes and deficits the only two possible ways of paying for spending? >> they run up deficits and in the long run they run our spending into rough correspondence with each other. [talking over each other] >> whether you are taxing today or tomorrow which is what we call a deficit you're still taxing and those two ways to pay for spending so it seems to me with apologies to the clinton campaign the...
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even if the trade deficit it keeps growing. probably not that the same rate as we've seen in that months. okay, and since go to new york for us, thank you. now in the united states, big coin, mining farms are multiplying the countries now emerging as a global leader in the industry. but those who live near these farms say the noise from the fans used to cool down the crypto generators is proving a problem. the soothing roar of the niagara falls. it's a sound synonymous with nature and the outdoors. it's being disrupted by another roar of a bit coin farm, nearby residents of this small town on the border of new york and canada. say it's a new sense. one that's disrupting their way of life. i get 4 hours of sleep me because of that noise is kind of like during the day, you know, when i'm outside or working, it doesn't bother me because i'm doing something else. but at night it's horrible. the cheap hydro electric power from the falls makes it an attractive place for companies looking to mine crypto currency. it's also what attrac
even if the trade deficit it keeps growing. probably not that the same rate as we've seen in that months. okay, and since go to new york for us, thank you. now in the united states, big coin, mining farms are multiplying the countries now emerging as a global leader in the industry. but those who live near these farms say the noise from the fans used to cool down the crypto generators is proving a problem. the soothing roar of the niagara falls. it's a sound synonymous with nature and the...
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Oct 4, 2010
10/10
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i am serious about reducing our deficit. but i am also serious about doing it in a way that learns the basic lessons of economics, fairness and history. economics teaches us that at times of recession governments run up deficits. we were too exposed to financial services as an economy so the impact of the crash on the public finances was deeper on us than on others. we should take responsibility for not building a more resilient economy. but what we should not do as a country is make a bad situation worse by embarking on deficit reduction at a pace and in a way that endangers our recovery. [applause] the starting point for a responsible plan is to halve the deficit over 4 years, but growth is our priority and we must remain vigilant against a downturn. you see when you cancel thousands of new school buildings at a stroke, it isn't just bad for our kids, it's bad for construction companies at a time when their order books are empty. it's not responsible, it's irresponsible. when you deprive sheffield forgemasters of a loan, a
i am serious about reducing our deficit. but i am also serious about doing it in a way that learns the basic lessons of economics, fairness and history. economics teaches us that at times of recession governments run up deficits. we were too exposed to financial services as an economy so the impact of the crash on the public finances was deeper on us than on others. we should take responsibility for not building a more resilient economy. but what we should not do as a country is make a bad...
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Feb 3, 2012
02/12
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the great problem in europe is not the problem of deficit or debt. europe has a much more serious long-term problem. you can solve the debt easily. you write it off. you can solve the deficits easily. i'm saying economically, not political politically. easily, you cut spending. the difficult problem is that southern europe's populations expect a lifestyle their productivity cannot supply. greeks don't have to be germans but they can expect to be -- but then they can't expect to be paid like germans. so you have a 25% gap between southern europe and german labor costs, that can only be closed by nominal deflation. this is a long, painful process that will precipitate a five to seven-year recession in the southern european countries and there you're talking about close to 40% of europe's gdp. the only other alternative is a long-term transfer from europe's productive north to the south. the reyuan fiction of germany poses the same problem of differing productivity. what the germans decided was they proposed a solidarity tax imposed on west germany to b
the great problem in europe is not the problem of deficit or debt. europe has a much more serious long-term problem. you can solve the debt easily. you write it off. you can solve the deficits easily. i'm saying economically, not political politically. easily, you cut spending. the difficult problem is that southern europe's populations expect a lifestyle their productivity cannot supply. greeks don't have to be germans but they can expect to be -- but then they can't expect to be paid like...
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Nov 14, 2012
11/12
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it will not be part of the deficit reduction bill. any savings will be part of extending the solvency of social security itself. >> that is done how? raising the age limit by having a means test? >> it will be done in several different ways. one of the ways it is extend the cap in terms of what income is exposed for funding social security. the age will be extended over an extended period of time. and you also change the so- called points -- the technical way of determining what social security payouts are. and you will also -- there will also be an inflation adjustment -- currently it is done and away most economists say is not fully accurate. >> an adjustment to the annual adjustment. >> should the people in this room qualify for social security? >> sure. >> there should not be a means test. >> there should be a mean that the test -- it goes to a question of what revenue is used to support the system. but i think people who pay in the should certainly be eligible to get something out. my former father-in-law is a very wealthy man, o
it will not be part of the deficit reduction bill. any savings will be part of extending the solvency of social security itself. >> that is done how? raising the age limit by having a means test? >> it will be done in several different ways. one of the ways it is extend the cap in terms of what income is exposed for funding social security. the age will be extended over an extended period of time. and you also change the so- called points -- the technical way of determining what...
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Aug 23, 2012
08/12
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. >> so it would be bigger than any intentional round of deficits since we started to reduce the deficit 30 years ago. >> i'm not sure what is intentional. the biggest one-year reduction as a share of gdp. >> in the alternative, can you give any indication of which ones have degraded or have the least impact of economic growth? >> we have not tried to break down the pieces of fiscal tightening. most of the narrowing of the deficit comes from increases in tax revenues. the much smaller share comes from reductions in spending. just by the amount of dollars being moved, the increases in taxes probably have a larger economic effect than the reductions in spending. the effects depend on the policies. we do these analyses, we have different things for different policies. i do not know dollar for dollar. the alternative fiscal scenario has deficits that are much larger. changes in tax policy and changes on the spending side. >> getting back to the take away for congress. would you say this raises the stakes for them to act? >> i think the stakes of fiscal policy are high right now. i didn't kno
. >> so it would be bigger than any intentional round of deficits since we started to reduce the deficit 30 years ago. >> i'm not sure what is intentional. the biggest one-year reduction as a share of gdp. >> in the alternative, can you give any indication of which ones have degraded or have the least impact of economic growth? >> we have not tried to break down the pieces of fiscal tightening. most of the narrowing of the deficit comes from increases in tax revenues....
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Sep 2, 2014
09/14
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CSPAN2
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eye 17
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[laughter] so i have the deficit so let me run them more to get more money to pay off the deficit that is the argument. >> host: right. >> guest: you did not hear it until the early '60s the point i made in the book they talk about cannes the he realized it was exceptional as deficit spending you can spend more money but he'd never dreamt the people running deficits year in and year out to nettle they came in the '60s >> it is a slightly crazy argument. but it is not the keynesian argument he himself corrupt in the victorian era and it was conditioned by the balanced budget framework. he said in exceptional times you can borrow money. but he did not envision that all the time and the analogy i use is if you have kids the victorian approach you cannot watch television ever. but cadence view was you can watch two hours when you need to. so both ways in order to get growth it is is wrong you have to understand in a historical context and it is outlined in the book "war and gold" that is the u. k government to balance the budget law that is the key function of government and that was agree
[laughter] so i have the deficit so let me run them more to get more money to pay off the deficit that is the argument. >> host: right. >> guest: you did not hear it until the early '60s the point i made in the book they talk about cannes the he realized it was exceptional as deficit spending you can spend more money but he'd never dreamt the people running deficits year in and year out to nettle they came in the '60s >> it is a slightly crazy argument. but it is not the...
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118
Feb 3, 2012
02/12
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, we have an infrastructure deficit in the country. anybody that doesn't believe it, just go out on i-95 here in washington d.c. after 3:30 in the afternoon. that's why i believe it is so important we extend, as i said before, the payroll tax cut and emergency unemployment benefits and put together a build america plan to invest in infrastructure. by the way, chairman bernancke has made clear that he believes we ought to be thinking seriously about additional investments in infrastructure at this time. it's a two-fer. not only do you get increased demand at a time of weak demand, but you can get very good prices and it improves the competitive position of the united states. we have had report after report that our infrastructure will not allow us to be fully competitive. if you doubt that, go to china and see what they are doing with infrastructure. with that, we'll now turn to senator toomey. he is here filling in for senator sessions. senator sessions could not be with us early this morning. senator toomey is filling in for him. welc
, we have an infrastructure deficit in the country. anybody that doesn't believe it, just go out on i-95 here in washington d.c. after 3:30 in the afternoon. that's why i believe it is so important we extend, as i said before, the payroll tax cut and emergency unemployment benefits and put together a build america plan to invest in infrastructure. by the way, chairman bernancke has made clear that he believes we ought to be thinking seriously about additional investments in infrastructure at...
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Feb 1, 2012
02/12
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reductions in the deficit too quickly through either tax increases or spending reductions would retard the economic recovery, and that is consistent with, i think, the con census of thinking in the economic professi profession, consistent with the experience we're seeing in europe where countries that are in worse budget shape than we are and are forced by their inability to borough to make very drastic changes in policy very quickly are suffering economic consequences from that. when we wrote an issue brief a year or soing a about a crisis in the united states, one of the risks we highlighted is budget situations tend to deteriorate when economies are already in trouble and that makes it a particularly bad time to then have to implement these changes very quickly. that emphasizes the importance of congress acting before we had a crisis of that sofrmt but given the low level of current treasury interest rates, our continued ability to borrow for now at least, i think many experts believe that although -- the that the changes should not be implemented. i want to emphasize that's not an
reductions in the deficit too quickly through either tax increases or spending reductions would retard the economic recovery, and that is consistent with, i think, the con census of thinking in the economic professi profession, consistent with the experience we're seeing in europe where countries that are in worse budget shape than we are and are forced by their inability to borough to make very drastic changes in policy very quickly are suffering economic consequences from that. when we wrote...
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and if we talk good deficit, we're talking the ratio exports to import or import. some have increased them in september. and then on the other side, if you look at exports, they have decrease. you already mentioned the strong a dollar, but also for example, or we saw a oil prices are declining a bit and for that that old saw a decrease or lowered the over all amount of exports. and from the united 6 scenes was the feeling about this, where you are, is, is being seen as a bump in the road, or is it the start of a new trend? well, i mean, overall it could be a new trend for 242000 and credit for 2022. in general we will, it's still a probably reach a new record, high trade deficit. tim, here in the united states, even as you mentioned, we did see the deficit declining in the past couple of months. and just overall, we might see that trade close could we can, i mean, we might get tougher times here in the united states also with inflation with high interest rate them, for example, we also see probably a week or economic growth over c. so in general, trade could decrea
and if we talk good deficit, we're talking the ratio exports to import or import. some have increased them in september. and then on the other side, if you look at exports, they have decrease. you already mentioned the strong a dollar, but also for example, or we saw a oil prices are declining a bit and for that that old saw a decrease or lowered the over all amount of exports. and from the united 6 scenes was the feeling about this, where you are, is, is being seen as a bump in the road, or is...
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133
May 18, 2012
05/12
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eye 133
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deficit reduction and growth, there are not alternatives. delivering the first is absolutely vital in securing the second. if markets don't believe that you are serious about dealing with your debts, your interest rates will rocket and your economy will shrink. now, britain cannot cut itself off from what happens elsewhere. as our biggest trading partner the problems in the eurozone are affecting britain, too. and as we prepare for the potential storms, we should, i believe, be both resolute and comforting. resolute because we will do what it takes to kell ter the uk from to weather the storms. outside the euro we do have greater flexibility. we have our own currency, our own central bank with responsibility for monetary and financial stability. we have trade relationships with all parts of the world. we actually invest more around the world per capita than america and last month our trade in goods with countries outside the european union hit a new record 13 billion pounds. so we will make the most of this flexibility to drive the strong de
deficit reduction and growth, there are not alternatives. delivering the first is absolutely vital in securing the second. if markets don't believe that you are serious about dealing with your debts, your interest rates will rocket and your economy will shrink. now, britain cannot cut itself off from what happens elsewhere. as our biggest trading partner the problems in the eurozone are affecting britain, too. and as we prepare for the potential storms, we should, i believe, be both resolute...
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Jan 15, 2011
01/11
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account deficit comes down. that means the u.s. is depending less on foreigners. >> does it make sense to say any tax cut does not have to be matched by any savings? >> absolutely not. that is an ideological condition that is correct -- incorrect. $1 of tax reduction has the same affect on the deficit as spending increases. >> a wake-up call for a complacent [unintelligible] this book made waves by denouncing western aid to africa. now they warn irrational investment could turn the u.s. into a second division socialist state. >> only one possible future offers much hope. the west [unintelligible] the eve merging economies like china -- emerging economies like china. in that case we lose the economic war. second possibility, tschida falters. in this scenario they still maintain the 10% annual growth needed to overtake america. and the west stays dominant by default. third, america fights back. we direct vast sums into new technologies and better education. but all this requires money bad americans squandered alre
account deficit comes down. that means the u.s. is depending less on foreigners. >> does it make sense to say any tax cut does not have to be matched by any savings? >> absolutely not. that is an ideological condition that is correct -- incorrect. $1 of tax reduction has the same affect on the deficit as spending increases. >> a wake-up call for a complacent [unintelligible] this book made waves by denouncing western aid to africa. now they warn irrational investment could...
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118
Feb 7, 2012
02/12
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eye 118
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federal deficit will p become unsustainable in 15 or 20 years at the most. and possiblily the effects will be brought forward by markets, for example. so we clearly need major changes in fiscal planning and in our face call path going forward. and these are concerns i would want to emphasize. these are not just about 20 years from now, but they could have effect much sooner if the markets lose confidence in the nation's ability to stabilize. >> in follow-up. do you believe here in the congress we need a greater urgency in addressing the structural issues? >> certainly you do. in fairness to the hard working people here, i would say there's still a lot of -- there's a lack of clarity. people have conflicting views about what they want, and everyone wants a lower deficit. nobody wants to lose their own program or tax cut. so it's difficult, i understand. but absolutely we would benefit from action to credibly and strongly articulate a plan to bring the fiscal situations into sustainability over the next couple of decades. >> and does it need to happen immediat
federal deficit will p become unsustainable in 15 or 20 years at the most. and possiblily the effects will be brought forward by markets, for example. so we clearly need major changes in fiscal planning and in our face call path going forward. and these are concerns i would want to emphasize. these are not just about 20 years from now, but they could have effect much sooner if the markets lose confidence in the nation's ability to stabilize. >> in follow-up. do you believe here in the...
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86
Mar 3, 2011
03/11
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eye 86
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we need to address the deficit. that is very important. it to be more effective if we get over a time frame. >> thank you. >> thank you for your appearance today. as i said, i represent a very rural part of virginia. of -- we have dozens of small businesses and banks that provide capital. we all would agree that their success will drive our future economic recovery. i wanted you to comment on your view of the atmosphere for lending by small banks. i was wondering if you could talk about that in the context of the regulatory structure that they have to deal with. i agree with you that small businesses are very important. they create a lot of jobs. we do not have really get data. the avp numbers showed a lot to the situation is smaller. confidence is still pretty low. the need for credits for small businesses is obvious. we know that small banks are often the ones that are situated. they know the community. we use that very much. we cannot solve all the problems. we can ensure that all the banks have enough capital to make more loans. it is
we need to address the deficit. that is very important. it to be more effective if we get over a time frame. >> thank you. >> thank you for your appearance today. as i said, i represent a very rural part of virginia. of -- we have dozens of small businesses and banks that provide capital. we all would agree that their success will drive our future economic recovery. i wanted you to comment on your view of the atmosphere for lending by small banks. i was wondering if you could talk...
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132
Feb 7, 2012
02/12
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the congressional budget office confirms that the deficit will top $1 for the fourth consecutive year. we have accumulated almost $5 trillion in gross debt during which time the total on number of americans actually working has decreased by 1.2 million people. we have fewer people working today than we did 11 years ago. actual working americans is down. that goes across administrations in both parties the deficits we face in the coming decades are more relentless. the federal spending has increase e e e ed 53%, the goves getting bigger and the middle class is getting smaller. the concern i'm wrestling with is even our financial experpetrates are often very wrong as to the dangerer facing the american people and our economy. yet, some in washington and wall street tell us, we should delay reforms and not take action now only some vague date in the future. for example, the secretary of the treasury's geithner's comments in the federal reserve meet engine 2002006, seem to me indicate that we cannot always be sure that those in positions of leadership see the problem clearly. in 2006, as
the congressional budget office confirms that the deficit will top $1 for the fourth consecutive year. we have accumulated almost $5 trillion in gross debt during which time the total on number of americans actually working has decreased by 1.2 million people. we have fewer people working today than we did 11 years ago. actual working americans is down. that goes across administrations in both parties the deficits we face in the coming decades are more relentless. the federal spending has...
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Feb 3, 2012
02/12
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eye 76
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and then last year you projected deficit for 2011, 1.48 trillion, actual deficit 1.29. now, there's variations. revenue went up, and we actually spent less. actually had a combination of the two that are moving us. so i have great hope as you project out this next year at 8.9 that it's going to be about a half a point less on the deficit -- the deficit is less than what you projected a little over a trillion dollars. your unemployment projection was always about a half a point off lower, which again i think is great because any time you overproject and it goes down is good news. so help me -- i mean, i'm assuming you take a much more middle conservative view on these numbers. so -- because we're a very unpredictable group here and you have to bank that. is that a fair -- >> well, we simply follow current law. with emake no -- we make no attempt to guess what you and your colleagues might do. for all we do in our projections we try to be in the middle of the distribution of possible outcomes. >> right. >> i don't -- we're not trying to be conservative. i'm not sure what
and then last year you projected deficit for 2011, 1.48 trillion, actual deficit 1.29. now, there's variations. revenue went up, and we actually spent less. actually had a combination of the two that are moving us. so i have great hope as you project out this next year at 8.9 that it's going to be about a half a point less on the deficit -- the deficit is less than what you projected a little over a trillion dollars. your unemployment projection was always about a half a point off lower, which...
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Aug 3, 2015
08/15
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eye 31
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these people stopped paying attention to the debt crisis that they think we have beaten it because the deficit is down a lot in the last couple of years than people think that will solve the problem but the reality is we are in a very temper revel and within a year or so below sea the deficits go back up as we add to the debt every year we have not even begun to see the problem ticket with medicaid and medicare and social security start to add up and if we don't start to act now while the sun is shining we will be in trouble when the rain starts. >> host: what does through the numbers. people probably don't understand the difference so what does through the numbers with those fiscal metrics. >> guest: the dead is a much more we spend then retaken with revenue that is about $450 billion range that sells a lot of money bet 34 years ago we were 1. $4 trillion so we are doing a lot better. but that is just temporary it will go back up each year you get the debt that is the total amount that we owe if you think of it as a household budget if you read a short this week it is our deficit that this is
these people stopped paying attention to the debt crisis that they think we have beaten it because the deficit is down a lot in the last couple of years than people think that will solve the problem but the reality is we are in a very temper revel and within a year or so below sea the deficits go back up as we add to the debt every year we have not even begun to see the problem ticket with medicaid and medicare and social security start to add up and if we don't start to act now while the sun...
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Feb 1, 2012
02/12
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the opposing force is there will be much larger deficits. and that extra government borrowing will be crowding out increasing amounts of private capital formation. and the tax rate effect, morals constant, my colleagues should correct me if i have this wrong, is more or less constant as a share of gdp. it's a sort of increment to the level of gdp, a little more work, a little more saving. it gross a little bit, but not very much. whereas the debt is accumulating at a very rapid rate. so the depressing effects of that debt accumulation increasingly outweigh the positive effects of lower tax rates as we go out in time. if you saw this piece by piece, sort of force by force over the decade and beyond, you would see that the debt is gaining ground. >> is it fair to say, given the stretch between minus 2.1 and plus 0.2, that there would likely be a negative in 2022? >> oh yes, yes, most definitely. i don't know. 90% of that range is on the negative side of zero. you asked a question about timing. so what we do every spring is we, we work on a new
the opposing force is there will be much larger deficits. and that extra government borrowing will be crowding out increasing amounts of private capital formation. and the tax rate effect, morals constant, my colleagues should correct me if i have this wrong, is more or less constant as a share of gdp. it's a sort of increment to the level of gdp, a little more work, a little more saving. it gross a little bit, but not very much. whereas the debt is accumulating at a very rapid rate. so the...
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Jun 25, 2011
06/11
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what we get this broader deficit reduction agreement done -- once we get this broader deficit- reduction agreement done, we can move on to cope with tax return. -- corporate tax reform. the risk for the american business community is that that will combine youtube -- confined to years of unnecessary delay. we are probably going to have to do a broader based tax reforms. the ones done under president reagan are going to take years. it would be good for the economy, for this economy at this time to find things we can do together in the near term to strengthen investment in the united states in the near term. passing trade agreements is another thing. there's no reason we can do those things. >> you get the deficit deal done and it is august or september, you are one year out from the presidential election. can you do " with tax reform in a campaign -- can you do " or attacks with form in a campaign -- corporate tax reform in a campaign and by matt? environment? >> these are not difficult things in comparison to the magnitude we have just been through. the president came in and prevented a
what we get this broader deficit reduction agreement done -- once we get this broader deficit- reduction agreement done, we can move on to cope with tax return. -- corporate tax reform. the risk for the american business community is that that will combine youtube -- confined to years of unnecessary delay. we are probably going to have to do a broader based tax reforms. the ones done under president reagan are going to take years. it would be good for the economy, for this economy at this time...
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Feb 2, 2012
02/12
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by the way, also, contributing to long-term deficits. there are reasons -- these are reasons why we should take immediate action to take up the president's job plan which he presented in september including important investments in our national infrastructure. it's also why we should finish the job with respect to extending the payroll tax cut to 160 million working americans and make sure that unemployment insurance is there for millions of others who are out of work through no fault of their own. dr. bernanke, i apologize to you in advance. the conference committee on the payroll dax cut also begins at 10:00. so i'm going to have to leave before i want to. let me close by saying as we nurture the very fragile economy, we should also take immediate steps to enact a plan to reduce our out-year deficits and debt. we should do it in a stable, predictable and balanced way. the question is not whether we should do that. the question is how we do that, and i believe that bipartisan commission simpson-bowles provide the overall framework to th
by the way, also, contributing to long-term deficits. there are reasons -- these are reasons why we should take immediate action to take up the president's job plan which he presented in september including important investments in our national infrastructure. it's also why we should finish the job with respect to extending the payroll tax cut to 160 million working americans and make sure that unemployment insurance is there for millions of others who are out of work through no fault of their...
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this is a very good point about brings up about double deficits or is the state prepared for this. well it's hard to get you know prepared for this on one side you need massive investments in infrastructure and you need basically to not only help in a economy as happened in two thousand eight thousand and nine when the state was helping out the corporate structure of the private sector to sustain the crisis but you really need to get the investment started you know if you turn invest and start . you know on a massive scale much on much bigger than we ever seen before. so that's that's a key thing and that's the micro konami. issues micro economics it's not a macro it's very hard for the you know you can try to govern can try but it just it takes time but what we see and what we just very glad to see that you know it's . you know the economic activity speaking up you know you know we get to call it cascade gentlemen we've all run out of time here i hope they are not point here i want to thank all my guests here in the studio and up doing some thanks for viewers for watching us on th
this is a very good point about brings up about double deficits or is the state prepared for this. well it's hard to get you know prepared for this on one side you need massive investments in infrastructure and you need basically to not only help in a economy as happened in two thousand eight thousand and nine when the state was helping out the corporate structure of the private sector to sustain the crisis but you really need to get the investment started you know if you turn invest and start...
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Aug 20, 2014
08/14
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i have a deficit. but we get more money in and to pay off the deficit and the debt and it is a circular argument and you didn't really hear it until the early 60s and that iis the point a point i make ino read is associated in the name. but the deficit spending was an exceptional thing and when there was a slump he said you could spend more money but he do never dreamt of people running the deficits year in and year out and that only came into the 60s when we would i-india with the deficit because we needed to have growth in order to deal with it so we had to run the deficit to get growth. iit's a slightly crazy argument and you hear is now a lot. keynes himself grew up in the victorian era and was 31 so his hold to be -- whole framework. he said in exceptional times you could borrow money but he wasn't envisioning that all the time. but you can't watch television ever. his view was okay you can watch two hours when you need to. and now we use it all the time. so just invoke him for that deficit you ke
i have a deficit. but we get more money in and to pay off the deficit and the debt and it is a circular argument and you didn't really hear it until the early 60s and that iis the point a point i make ino read is associated in the name. but the deficit spending was an exceptional thing and when there was a slump he said you could spend more money but he do never dreamt of people running the deficits year in and year out and that only came into the 60s when we would i-india with the deficit...
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Mar 21, 2022
03/22
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and we can see in those projections what that means for primary deficits, total deficits as a share of gdp. but nothing particularly worrying. now, that isn't to say that i think we should pack up our stuff and go home and not worry about the issue. i think we have a long-term issue. i think that we are an under taxed country. i think that we are, we don't spend money on the right things necessarily. and there are lots of things, lots of conversations that we need to be having about how to remake fiscal policy and i just think we need to be more humble about how urgent of a problem it is. >> our framework, is that solid way of looking at our situation giving the primary deficits coming up in the future? >> i mean, that's olivia blanchard, it's got to be one of the most influential. it's one of the most influential sums milton friedman and it's interesting , wendy alluded to this. the flow in a sense of the debt. the challenge at the primary deficit before the pandemic was wide.the economy before the pandemic was in good shape. but you have rising income and importantly incomes are risi
and we can see in those projections what that means for primary deficits, total deficits as a share of gdp. but nothing particularly worrying. now, that isn't to say that i think we should pack up our stuff and go home and not worry about the issue. i think we have a long-term issue. i think that we are an under taxed country. i think that we are, we don't spend money on the right things necessarily. and there are lots of things, lots of conversations that we need to be having about how to...
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Nov 6, 2011
11/11
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that is what led us to be deep deficits. the republicans want to exempt from pago the cutting of taxes -- paygo the cutting of taxes and other expenditures that have caused us to have a great debt. we do not need an amendment. we need immediate action now. this super committee poses that opportunity. i am hopeful that the majority in the house and senate will support the product that the committee comes up with. that is what we should be focused on. the balanced budget amendment is a distraction and a political device, not a policy device. >> let's talk about a more imminent spending issue. the government authority to spend money runs up on november 13. you said you would not vote any extension -- vote on any extension of that authority. are we heading for another shutdown? what are the issues going to be that would prevent you from voting to continue to operate the government passed november 13? >> i hope we are not heading for that. we are voting to go to conference on the minibus appropriation bill that was passed by the
that is what led us to be deep deficits. the republicans want to exempt from pago the cutting of taxes -- paygo the cutting of taxes and other expenditures that have caused us to have a great debt. we do not need an amendment. we need immediate action now. this super committee poses that opportunity. i am hopeful that the majority in the house and senate will support the product that the committee comes up with. that is what we should be focused on. the balanced budget amendment is a...
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Feb 2, 2012
02/12
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they have big current account deficits. they cannot change the value of their exchange rate because they're tied through the euro. so it's going to be a very difficult process for them to get to a more competitive situation, and all of those things put together mean you could have very slow growth in some european countries for quite a while. >> thank you, mr. chairman. >> good morning. >> dr. bernanke, the economy is creating jobs. we've had 22 months of private sector job growth. the unemployment rate sat its lowest level for three years. and it's very noticeable at home. in florida, you know in 2007 and 2008, the headlines in newspapers were devastating, about companies closing and people losing jobs. it's notably different. last year with stories about companies hiring. it's pretty steady right now, but obviously we can do better. and i mean, you have said -- in your testimony you said a more robust recovery will lead to lower deficits and debts, in coming years. so here's the frustration and our colleague who gave us t
they have big current account deficits. they cannot change the value of their exchange rate because they're tied through the euro. so it's going to be a very difficult process for them to get to a more competitive situation, and all of those things put together mean you could have very slow growth in some european countries for quite a while. >> thank you, mr. chairman. >> good morning. >> dr. bernanke, the economy is creating jobs. we've had 22 months of private sector job...
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Feb 11, 2013
02/13
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the economy grows if the deficit goes down, it shrinks if the deficit goes up. you argue in the book that the deficit really doesn't matter right now. do you disagree with the government's projections? >> no, i think the cbo report is pretty reasonable. and it says that we wish we had lower debt, and if we look at the long term it would be nice to pay down the debt but it does not show a crisis. and trying to slash the deficit right now will deepen the clear and present danger which is a very high unemployment and ongoing economic slump. so i actually -- i found the cbo report supportive of what i'm saying, that right now our priorities should be jobs and not the deficit. >> i want to get your reaction to something that dave camp told us, the chairman of the house ways and means committee. he said that we need an equitable approach to cutting and spending. take a listen. i want to be get your reaction to it. >> sure. >> what we really need now is the second piece of the balanced approach which the president called for in december which is beginning the reining i
the economy grows if the deficit goes down, it shrinks if the deficit goes up. you argue in the book that the deficit really doesn't matter right now. do you disagree with the government's projections? >> no, i think the cbo report is pretty reasonable. and it says that we wish we had lower debt, and if we look at the long term it would be nice to pay down the debt but it does not show a crisis. and trying to slash the deficit right now will deepen the clear and present danger which is a...
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Jan 2, 2010
01/10
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the stimulus is almost totally out of the deficit five years from now. you have additional interest, that is a small component of the deficit, 50 billion a year where the long run deficits are up $400-$500 billion worse than ever forecast to be. there is this criticism that the obama socialist are spending this country into oblivion. i defy you to look into any program that is increasing the deficit. >> i have to object to that strongly. one of the points that we have been making consistently is that even if there is zero stimulus, the consequences of financial crisis are very difficult for the budget because revenues collapse. even if you have no stimulus, you have very serious budget consequences because revenues from property, income taxes, any sort, this weakened substantially. i think that the the the issues have brought forward the issues that you raised. there are aging population, social security. that has been brought forward because of the financial crisis. not necessarily because of the stimulus. >> i will move on. i think that we can all agre
the stimulus is almost totally out of the deficit five years from now. you have additional interest, that is a small component of the deficit, 50 billion a year where the long run deficits are up $400-$500 billion worse than ever forecast to be. there is this criticism that the obama socialist are spending this country into oblivion. i defy you to look into any program that is increasing the deficit. >> i have to object to that strongly. one of the points that we have been making...
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Apr 19, 2012
04/12
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if there's not some sort of deficit deal. if we go up to the cliff again that that could cause a slow down on both the consumer side and the business side. how do you avoid that? >> i do think it is, there's a lesson to have been learned from what happened last year. i think that the public expects results from washington. i think a lot of us are very frustrated that we're unable to see the results that we would have liked. as you recall speaker boehner put a goal out there if we were going to increase the debt ceiling we were going to make sure that we would find the reck kwi sit cuts for the increase. we've got to do everything we can to watch the spending. we need to be managing down this debt and deficit in a big way. i think over time people are beginning to appreciate that watching the spending and shaving off unnecessary spending and getting rid of waste, fraud and abuse is one thing. but get og the root of the problem, which are unfunded obligations in the entitlement programs is where the two sides just have a lot of
if there's not some sort of deficit deal. if we go up to the cliff again that that could cause a slow down on both the consumer side and the business side. how do you avoid that? >> i do think it is, there's a lesson to have been learned from what happened last year. i think that the public expects results from washington. i think a lot of us are very frustrated that we're unable to see the results that we would have liked. as you recall speaker boehner put a goal out there if we were...
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Feb 2, 2012
02/12
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sharpest area of disagreement would be the new health care law because cbo told us that will reduce deficits and dealt by a trillion dollars many the second ten years and i believe that's the case. i know you don't share that view. that's what makes our democracy vibrant, having disagreements. but tlus much i agree with and what a most strongly agree with is that rear on an unsustainable course. and i think that's undeniable that we're on an unsustainable course. we've had the head of the congeeshl budget office testify before the committee that we're on an unsustainable course. we've had the head of office and management and budget so testify. the chairman of the federal reserve testify we're on an unsustainable course. we've had the secretary of treasury testify we're on a unsustainable course and i think it's undeniable and it's the central thrust of your argument as i hear it. and i think you're entirely right about that and we've got an obligation, we have an obligation on this committee and an obligation in the senate, the house has an obligation. the president does. to try to get us o
sharpest area of disagreement would be the new health care law because cbo told us that will reduce deficits and dealt by a trillion dollars many the second ten years and i believe that's the case. i know you don't share that view. that's what makes our democracy vibrant, having disagreements. but tlus much i agree with and what a most strongly agree with is that rear on an unsustainable course. and i think that's undeniable that we're on an unsustainable course. we've had the head of the...